The Executive Secretary of the Fund, Akin Oyebode told newsmen on the sideline of the ongoing Social Media Week in Lagos that default rate has been at a single digit of about 5%.

“Our books are still within single digit. We are seeing that most people, whose repayment have past 90 days is less than 5% of our books. Most of our borrowers are showing a good sense of responsibility,” he said.

According to Mr. Oyebode who also doubles as the CEO of the Fund, the Fund “is not money for the ‘boys’” and that it is strictly for genuine, credible businesses targeted at job creation.”

“There are different reasons for not being able to repay a loan. In some cases, there are genuine reasons why some businesses cannot repay their loans. If that becomes the case, we sit down with the debtors and work out a solution.